摘要
良好的公司声誉是否能够促进公司财务绩效的提高是国外公司声誉理论研究中的一个重要课题,而我国尚缺乏此类研究。本文采用事件研究法和回归分析法,利用中国上市公司数据对公司后续财务绩效与公司声誉的关系进行了实证检验。研究结果表明,取得声誉公司的后续财务绩效显著高于未取得声誉的对照组公司,公司声誉越好,其后续财务绩效越高,而且良好的公司声誉会降低后续财务绩效对前期财务绩效的敏感度。这一结论将提高公司声誉管理的积极性,促进我国和谐社会建设。
Whether good company reputation can promote its financial performance has been an important issue in the reputation research in western countries. Based on the data of Chinese listed companies, this paper examines the relationship between company post financial performance and its reputation by means of event studies and regression analysis. The conclusion is that companies that have achieved good reputation enjoy higher post financial performance than those that haven＇t. The higher companies＇ reputation is, the higher their post financial performance. In addition, good reputation can reduce the sensitivity of post financial performance to preperformance. Our conclusion can improve the enthusiasm of companies＇ reputation management, and promote the progression of harmonious society.
出处
《管理评论》
CSSCI
北大核心
2009年第7期96-104,共9页
Management Review
基金
2008年度河北省社会科学基金项目(HB08BYJ019)
关键词
公司声誉
声誉机制
财务绩效
company reputation, reputation mechanism, financial performance
